Solarise Africa, a leading energy-as-a-service provider, has secured a significant R160 million ($8.9M) investment from Mergence Investment Managers. The funding will be instrumental in accelerating the deployment of commercial and industrial-scale (C&I) renewable energy solutions across South Africa.

The investment marks a pivotal moment for Solarise Africa, underscoring the growing investor confidence in the country’s renewable energy sector. The company intends to leverage the funds to expand its operations, reaching a wider clientele and driving sustainable energy adoption.

“Despite a recent slowdown in residential solar installations due to reduced load-shedding, the C&I solar market remains robust,” said Jan Albert Valk, co-founder and CEO of Solarise Africa. “Businesses continue to seek reliable and cost-effective energy solutions, and we are excited to meet this demand.”

Valk emphasized that the new funding will enable Solarise Africa to expedite its growth trajectory and deliver impactful clean energy solutions to more businesses. The company believes this investment is a testament to the increasing recognition of renewable energy as a critical component of South Africa’s energy landscape.

Mosa Molebatsi, senior investment associate at Mergence Investment Managers, highlighted the resilience and growth potential of the C&I sector. “Solarise Africa’s strong market position and commitment to sustainability align perfectly with our investment strategy,” Molebatsi said.

PSG Capital, a corporate finance advisory firm, played a crucial role in facilitating the deal. Khaya Hlophe-Kunene, director at PSG Capital, expressed pride in supporting this partnership, which contributes to the advancement of innovative energy solutions in Africa.

The secured funds will be primarily allocated to financing the installation and expansion of solar energy systems for commercial and industrial clients. This will not only help businesses reduce energy costs and carbon footprints but also contribute to a more sustainable future.